By Devika Patel
Knoxville, Tenn., May 13 - Rouge Resources Ltd. said it raised C$1.5 million in a non-brokered private placement of units. The deal priced on March 15 for C$2 million.
The company sold 30 million units at C$0.05 apiece. Each unit consists of one common share and one warrant, with each two-year warrant exercisable at C$0.10.
Proceeds will be used for accounts payable, a work program on the company's property and general working capital purposes.
Vancouver-based Rouge is engaged in the acquisition, exploration and development of mineral resource properties and owns mineral claims in Ontario, Canada.
| Issuer: | Rouge Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 30 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | March 15
|
| Settlement date: | May 13
|
| Stock symbol: | OTCBB: ROUGF
|
| Stock price: | $0.041 at close March 12
|
| Market capitalization: | $633,900
|
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